Just a day after Shell posted.....

[bandphan]

http://biz.yahoo.com/ap/080201/earns_exxon_mobil.html?.v=6

Exxon reports the same record profits. Ive been saying for years that here in the US we have been spoiled by energy prices relative to the rest of the world, but damm these profits are out control, and we are not seeing those profits go to the development of other energy sources.

 

[stratman]

To be fair their profits are in keeping with demand, oil companies are just like any hot commodity. Eventually when oil is phased out, companies that produce ethanol, hydrogen or which ever fuel ends up being the mainstay will also reap big profits. And the lion's share of that profit goes back into exploration and R&D.

These companies know the timetable as to when to get out, there are still plenty of oil reserves, despite what the alarmists say, the problem is the technology to reach the oil and extraction.

 

[Halon451]

To be fair their profits are in keeping with demand, oil companies are just like any hot commodity. Eventually when oil is phased out, companies that produce ethanol, hydrogen or which ever fuel ends up being the mainstay will also reap big profits. And the lion's share of that profit goes back into exploration and R&D.

These companies know the timetable as to when to get out, there are still plenty of oil reserves, despite what the alarmists say, the problem is the technology to reach the oil and extraction.

And also the politics involved with the oil we can still reach. 40+ Billion dollars profit is indeed a staggering figure though, either way you slice it. It's awfully hard not to be angry at a company like Exxon when you're counting pennies at the pump just to be able to make it to work and back each day.

 

[stratman]

And also the politics involved with the oil we can still reach. 40+ Billion dollars profit is indeed a staggering figure though, either way you slice it. It's awfully hard not to be angry at a company like Exxon when you're counting pennies at the pump just to be able to make it to work and back each day.

I agree completely and I'm a staunch business guy, I was going to pull the trigger on an Infiniti G37 coupe, to use mainly for work, but for the last 4months my gas bill has hovered around the $500-$600 range, that's nuts! So I'm really thinking of getting a Prius for work!

 

[Gimpy Ric]

Shell is actually, Royal Dutch Shell, not an American oil company.

 

[Rickster71]

Don't blame the oil companies, or the President for ultra high gasoline prices. If you want to blame someone, go into the bathroom and point into the mirror, because it's your fault! It's my fault, it's everyone's fault.
In 2007 China was in record growth mode, they are using 60% of the world's supply of construction cranes, and their appetite for oil has not waned. Oil is not alone, lumber and drywall and cement have shot up because of the Chinese demand.
Our population growth has shot up over 50 million since 1980. That's a lot more houses built and cars being driven, so the demand is much more than 2 decades ago.
We consume many multiples of oil now compared to 1976, yet that was the last year we built a refinery in the United States!
Every time someone tries to build a refinery, some special interest group blocks it in court and wins. OPEC countries have refineries and drilling rigs all over the place, and they are all rich and happy. We are not allowed to build any more refineries which would increase our own oil supply and lower the price.
We are paying more for oil, and funding our own demise. OPEC has their boot on our throat, and isn't Iran part of OPEC? Great, so that means that while we are pumping gas into our tanks, we are also funding future terrorist attacks.

The U.S. used 3 times as much oil in 2005 as it did in 1995
According to the U.S. government's Energy Information Administration, oil company refining costs and profits only account for about 20% of the price of your gallon of gas. But guess what, federal and state taxes are also 20% of your gas price, and counties add even more on top of that, my county adds 18 cents per gallon, so if you want to point fingers and get angry at the oil companies, then you better start screaming at your state and local county for over taxing you. But by far the largest component of the price you pay per gallon of gas is the raw crude oil, which makes up by the largest price component of your gallon of gas at 53% or more. So we have to reduce our demand for foreign oil period. No way around it. As long as demand is high, crude oil will be high, just like when a new Play Station or iPhone or iPod comes out, demand is high, and people pay $1000 for them on eBay until demand dies down.

 

[chadnliz]

People have little or no memory when it comes to Oil, for a long time they struggled but nobody cared, let them have their fun because it all runs in cycles, the sun doesnt shine on the same dogs *** everyday.